Research on the Dynamic Change of China's Monetary Policy Transmission in the Process of Interest Rate Marketization

As the two-track interest rate exists in the process of interest rate marketization,there are two channels(market-oriented interest rate channel and regulated interest rate channel) in the interest rate transmission mechanism of monetary policy. In this paper,the process of interest rate marketization is divided into two periods: initial period and deepening period,take the event that central bank officially launched the Shibor in2007 as the demarcation point,use the VAR model to Granger causality test and impulse response function analysis the interest rate channel and credit channels in the two periods,then obtain the effectiveness of each channel transmission and its dynamic changes in two periods. The results show: the effectiveness of regulated interest rate channel is stronger than market-oriented interest rate channel; from the point of view the impact on price,the interest rate channel plays a more important role than the credit channel. Compared the deepening period with the initial period,the effectiveness of regulated interest rate channel is significantly enhanced,the effectiveness of market-oriented interest rate channel is increased,and the effectiveness of credit channel is reduced.